CBRE won the contract to manage City Tower, the tallest office building in Prague, located in the city’s Pankrác office hub. In addition to property management, CBRE will also be responsible for technical and project management and securing exclusive leases. The building recently changed hands in a CZK 4.4bn transaction, where Reico, the manager of Česká spořitelna’s property investment fund, acquired the 108 meter tower from PPF Real Estate Holding. Completed in 2008, City Tower offers 49,000 sqm of leasable space across 27 floors, with a restaurant on the top. The building is fully leased, with Raiffeisen Bank occupying 40 percent of the space. E-commerce company Concur, part of SAP Group, international consultancy AC Nielsen and Peugeot ČR also lease space in the building. City Tower, designed by Richard Meier & Partners Architects, is the 10th asset in Reico’s portfolio, which is now valued at CZK 11.5bn.
